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January 6, 2012

Forest City avoids the question of how they'll get that exterior steel; local officials in Indiana still baffled by firm's closing

Atlantic Yards Report

So Forest City Ratner yesterday told Crain's New York Business, regarding the closure of steel fabricator ASI Limited, "we don't believe it will affect our construction schedule."

And they told Patch that they don't believe it "will aversely affect the timeline."

Well, that's possible, since the exterior was supposed to be finished by May and presumably there's some flex in the timeline--as long as ASI Limited reopens or (with more difficulty) a new supplier of such custom work can be found.

But that doesn't sound yet like a plan to get that work done. So, until Forest City offers specifics, they don't sound too convincing.

Surely Forest City Ratner and its allies could muster [new capital for ASI] up in a pinch; a delay in the arena opening threatens an enormous amount of contracted revenue, such as for sponsorships and naming rights.


NoLandGrab: It would be a delicious irony if ASI were able to force Forest City to inject some funds into the company, given the latter's penchant for such hardball tactics as threatening to stop construction of "New York by Gehry" at half its planned height in order to gain union concessions.

Posted by eric at January 6, 2012 12:22 PM